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Why Shopify (SHOP) Stock Is Up Today

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What Happened?

Shares of e-commerce software platform Shopify (NYSE: SHOP) jumped 5.9% in the afternoon session after the major indices rebounded, as the Bureau of Labor Statistics report revealed a resilient labor market with non-farm payrolls rising by 139,000 in May 2025, significantly above the consensus forecast of 125,000. 

Notably, a stable labor market often supports consumer spending, which is a key driver of economic growth, which means the report could help ease some of the recession fears that gripped markets. The data also supports the soft landing narrative, where the Fed can manage inflation toward its 2% target without significant damage to the economy.

The shares closed the day at $111.43, up 6.1% from previous close.

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What The Market Is Telling Us

Shopify’s shares are very volatile and have had 27 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 10 days ago when the stock gained 5% after the major indices rebounded (Nasdaq +2.0%, S&P 500 +1.5%) as President Trump postponed the planned 50% tariff on European Union imports, shifting the start date to July 9, 2025. Companies with substantial business ties to Europe likely had some relief as the delay reduced near-term cost pressures and preserved cross-border demand.

Shopify is up 3.7% since the beginning of the year, but at $111.49 per share, it is still trading 13.8% below its 52-week high of $129.31 from February 2025. Investors who bought $1,000 worth of Shopify’s shares 5 years ago would now be looking at an investment worth $1,526.

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